KOG International is a Surety Bond Broker Specializing in Construction Payment Bond Services.
A Payment Bond guarantees that subs, suppliers and other lower tier contracted workers are paid according to contract terms should the prime contractor go bankrupt while working on the project.
KOG understands the differences between a Payment Bond and Performance Bond. With our long-term focus on construction bonds, our staff can answer your questions to ensure you understand your obligations under each type of bond.
Payment Bonds are required in conjunction with the Performance Bond. Construction Payment Bonds are typically in the amount of 100% of the contract price. They guarantee that all direct job-related bills will be paid. If the contractor cannot meet this obligation, the surety is required to pay these bills under the Payment Bond.
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